[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 10, 2019
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Jun Komo,
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Determination of the Issue Value andOffer Price of Investment Units
Invincible Investment Corporation (“INV”) announced today that, at the Board of Directors Meetingof INV held on July 10, 2019, a resolution was passed concerning the issue value and offer priceand other related matters for the issuance of new investment units and secondary offering (the“Offerings”), which was approved at the Board of Directors Meeting of INV held on July 1, 2019, as
outlined below:
1. Issuance of new investment units through public offering(1) Number of Investment Units to: 409,524 investment units
be offered
Domestic public offering: 194,524 investment units
Overseas offering: 215,000 investment units(2) Amount to be paid: JPY 56,939 per unit
(issue value)(3) Total amount to be paid
: JPY 23,317,887,036(total issue value)(4) Issue price: JPY 58,898 per unit
(offer price)(5) Total issue price: JPY 24,120,144,552(total offer price)(6) Subscription period: Thursday, July 11, 2019 to Friday, July 12, 2019
(domestic public offering)(7) Payment date
: Thursday, July 18, 2019(8) Delivery date:

Friday, July 19, 2019

(Note) The underwriters shall underwrite the investment units at the amount to be paid (issuevalue) and offer at the issue price (offer price).

This English Language notice does not constitute or form a part of any offer of securities in the United States of America. The securities referred
to above have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The
securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The
securities referred to herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any public
offering of securities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

12. Secondary offering of investment units (overallotment secondary offering)(1) Number of Investment Units to: 20,476 investment units
be offered in the secondaryoffering(2) Offer price: JPY 58,898 per unit
(3) Total offer price:

JPY 1,205,995,448(4) Subscription period:

Thursday, July 11, 2019 to Friday, July 12, 2019(5) Delivery date:

Friday, July 19, 2019

3. Issuance of new investment units through third-party allotment(1) Amount to be paid: JPY 56,939 per unit
(issue value)(2) Total amount to be paid
: JPY 1,165,882,964(total issue value)(Maximum)(3) Subscription period: Wednesday, August 14, 2019
(Subscription date)(4) Payment date
: Thursday, August 15, 2019(5) Investment units for which no application for subscription has been made during theSubscription period (Subscription date), mentioned in (3) shown above, shall not be issued.
<Reference>
1. Basis for calculating the issue value and offer price(1) Reference date of calculation and price: Wednesday, July 10, 2019

JPY 60,100(2) Discount rate: 2.00%

2. Syndicate cover transaction period:
Saturday, July 13, 2019 to Friday, August 9, 2019

3. Amount, use and schedule of expenditure of proceeds from the Offerings
INV will use the proceeds from the domestic public offering (JPY 11,076,002,036) and theoverseas offering (JPY 12,241,885,000) to fund part of its acquisition of specified assets (whichshall have the meaning as defined in Article 2, Paragraph 1 of the Act on Investment Trusts andInvestment Corporations of Japan, and such specified assets are referred to as the “AnticipatedAcquisitions”) announced in “Notice concerning Acquisition and Lease of Domestic Trust
Beneficiary Interests” dated July 1, 2019. The remainder of the proceeds, if any, as well as themaximum amount of proceeds from the issuance of new Investment Units through thethird-party allotment (JPY 1,165,882,964) decided on the same day as the domestic publicoffering will be retained as cash on hand and be deposited to the financial institution as the fundfor a part of future acquisitions of specified assets. However, if the total proceeds from thedomestic public offering, the overseas offering and the anticipated borrowings (which areThis English Language notice does not constitute or form a part of any offer of securities in the United States of America. The securities referred
to above have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The
securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The
securities referred to herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any public
offering of securities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

2expected to amount to JPY 27,400 million as of today) announced in “Notice concerning Debt
Financing” dated July 1, 2019, fall short of the total amount of acquisition fund of the AnticipatedAcquisitions (Note), INV may use the whole or a part of proceeds from the issuance of new
Investment Units through the third-party allotment to fund part of the Anticipated Acquisitions.
(Note) Under such circumstances, INV will acquire four properties among the Anticipated Acquisitions (Hotel MyStays
Matsuyama, Hotel MyStays Kanazawa Castle, Flexstay Inn Sakuragicho and MyCUBE by MYSTAYS AsakusaKuramae) on the anticipated acquisition date and also pay the whole or a part of the acquisition price of thesefour properties on another date as agreed respectively, pursuant to the relevant purchase and sale agreement.
For more details, please refer to the press release entitled “Notice concerning Acquisition and Lease ofDomestic Trust Beneficiary Interests” dated July 1, 2019.

Website of INV: http://www.invincible-inv.co.jp/eng/

This English Language notice does not constitute or form a part of any offer of securities in the United States of America. The securities referred
to above have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The
securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The
securities referred to herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any public
offering of securities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

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